GOLD AND SILVER DAILY REVIEW 25-OCT-2013

GOLD AND SILVER DAILY MARKET REVIEW 25-OCT-2013

Gold

Spot gold prices gained by more than 1 percent yesterday on the back of upbeat market sentiments after expectations of delay in QE tapering program by the Federal Reserve. Further, weaker DX also supported an upside in prices.

Gold prices managed to trade on a positive note despite decline in ETF holdings managed under SPDR Gold Holdings Trust which slipped around 0.2 percent to 876.52 tonnes. The yellow metal touched an intra-day high of $1351.61/oz and closed at 1346.50/oz in yesterday's trading session.

In the Indian markets, prices rose 1.3 percent and closed at Rs.30562/10 gms after touching an intra-day high of Rs.30635/10 gms on Thursday.

Silver

Taking cues from positive sentiments in gold and the base metals space, silver prices gained around 0.8 percent yesterday. Further, weakness in the DX supported an upside in prices. The white metal touched an intra-day high of $22.85/oz and closed at $22.70/oz in yesterday's trade.

On the MCX, near month contract prices increased by 0.7 percent and closed at Rs.50107/kg after touching an intra-day high of Rs.50330/kg on Thursday. Rupee appreciation capped sharp gains in prices.

Outlook

In today's trade, we expect gold prices to trade higher on account of expectations of delay in QE tapering program by the Federal Reserve. Further, a weaker DX will act as a positive factor. However, sharp upside will be capped as a result of decline in SPDR gold holdings.

Rupee depreciation will lead to further gains in precious metal prices on the MCX today.

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